Cleveland Carved Up

Ben Wilmot | The Australian

Sentinel Property Group is capitalising on the strong demand for health assets by selling off a portion of a long-held property at Cleveland on Brisbane’s bayside.

Sentinel picked up the Cleveland Business Park for $19.7m in November 2010, just months after the syndicator was launched by founder Warren Ebert.

The 97,820sqm site in the heart of Brisbane’s Redland Shire health precinct opposite the Redland Public Hospital and Redland Mater Private Hospital, was valued at $53.5m in June last year.

It has about 20,000sqm of warehousing and 3500sqm of office buildings leased to Queensland Health. Sentinel has just sold a 5.4ha portion of the site at 2-14 Weippin St, Cleveland, to the Australian Unity Healthcare Property Trust for $35.5m.

The property has two existing buildings and additional land that has been earmarked for future expansion. Mr Ebert said investors would continue to benefit from the performance of the remaining 5.7ha of the park.